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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 1, 1996.
Taxpayer Savings Act of 1996 - Amends Federal law to repeal or eliminate the following: (1) the commercial export market promotion program and the export enhancement program, both established and operated by the Commodity Credit Corporation (CCC) under the Agricultural Trade Act of 1978; (2) certain animal damage control activities under the Rural Development, Agriculture, and Related Agencies Appropriations Act, 1986; and (3) the tax credit under the Internal Revenue Code (IRC) for the use and production of ethanol as a fuel and other incentives (including reduced tax rates) for the use and production of ethanol (requiring fuel alcohol to be taxed in the same manner as other motor fuels). Imposes a floor stocks tax rate of 18.4 cents a gallon on fuel alcohol held on the date of enactment of this Act. Outlines liability for such tax and the method and time of payment. Prohibits the imposition of such tax: (1) on fuel alcohol held in the tank of a motor vehicle or motorboat; and (2) when the aggregate amount of fuel held by a person (including certain corporations) does not exceed 2,000 gallons. Amends the Agricultural Act of 1949 to terminate the agricultural price support and production adjustment programs for sugar beets and sugarcane. Terminates the acreage allotments and marketing quotas for such products under the Agricultural Adjustment Act of 1938. Prohibits the Secretary of Agriculture from making price supports available for crops of sugar beets or sugarcane by using CCC funds or under any other law. Requires the Secretary to settle outstanding loans. Terminates the peanut marketing quota and peanut price support programs under the Agricultural Adjustment Act of 1938 and the Agricultural Act of 1949. Prohibits the Secretary from making future price supports for peanut crops. Requires the Secretary to settle outstanding loans.
